Africa Needs Islamic Financing to Fund Infrastructure

Nigeria and other African countries need to tap into opportunities provided by Islamic financing to fund infrastructure on the continent, Governor of Central Bank of Nigeria, Sanusi Lamido Sanusi, has said.

The CBN governor said this yesterday in Abuja at a conference on infrastructure development through Alternative Funding (Islamic finance) in Africa.

The event was organized by the Metropolitan Skills Limited, Abuja in collaboration with the Islamic Finance Institute of South Africa.

Sanusi who was represented by his Special Adviser on Non-Interest Banking, Dr. Bashir Aliyu Umar, said Islamic bonds called Sukuk, if well developed can serve as a financing option for governments as is already evidenced in countries like Saudi Arabia, United Arab Emirates and others.

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Al-Baqarah, 2:275

Those who devour usury will not stand except as stand one whom the Evil one by his touch Hath driven to madness. That is because they say: "Trade is like usury," but God hath permitted trade and forbidden usury. Those who after receiving direction from their Lord, desist, shall be pardoned for the past; their case is for God (to judge); but those who repeat (The offence) are companions of the Fire: They will abide therein (for ever).